<SEC-DOCUMENT>0000059255-21-000022.txt : 20210311
<SEC-HEADER>0000059255-21-000022.hdr.sgml : 20210311
<ACCEPTANCE-DATETIME>20210311161723
ACCESSION NUMBER:		0000059255-21-000022
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20210311
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210311
DATE AS OF CHANGE:		20210311

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALHI INC /DE/
		CENTRAL INDEX KEY:			0000059255
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INORGANIC CHEMICALS [2810]
		IRS NUMBER:				870110150
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05467
		FILM NUMBER:		21733517

	BUSINESS ADDRESS:	
		STREET 1:		5430 LBJ FRWY
		STREET 2:		STE 1700
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240
		BUSINESS PHONE:		9722331700

	MAIL ADDRESS:	
		STREET 1:		THREE LINCOLN CENTER
		STREET 2:		5430 LBJ FREEWAY SUITE 1700
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240-2620

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LLC CORP
		DATE OF NAME CHANGE:	19870329

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIBERTY LOAN CORP
		DATE OF NAME CHANGE:	19800414
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<DESCRIPTION>VALHI, INC. FORM 8-K DATED MARCH 11, 2021
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">UNITED STATES</div>

    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>

    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Washington, D.C.&#160;&#160; 20549</div>

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            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(Zip Code)</div>
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    <div style="text-align: center; margin-top: 4pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Registrant&#8217;s telephone number, including area code</div>

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    <td style="width: 23.68%; vertical-align: top;">&#160;</td>

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            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(Former name or former address, if changed since last report.)</div>
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    <td style="width: 23.68%; vertical-align: top;">&#160;</td>

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    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of
      the registrant under any of the following provisions (see General Instruction A.2):</div>

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    <td style="width: 93.23%; vertical-align: middle;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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  </tr>

  <tr>

    <td style="width: 6.77%; vertical-align: top;">&#160;</td>

    <td style="width: 93.23%; vertical-align: middle;">&#160;</td>

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    <td style="width: 6.77%; vertical-align: top;">&#160;</td>

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    <td style="width: 93.23%; vertical-align: middle;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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  </tr>

  <tr>

    <td style="width: 6.77%; vertical-align: top;">&#160;</td>

    <td style="width: 93.23%; vertical-align: middle;">&#160;</td>

  </tr>

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    <td style="width: 6.77%; vertical-align: top;">
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    <td style="width: 93.23%; vertical-align: middle;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
          </td>

  </tr>


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    <div style="text-align: justify; margin-top: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Securities registered pursuant to Section 12(b) of the Act:</div>

    <div><br />
    </div>

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    <td style="width: 1%; vertical-align: bottom;">&#160;</td>

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            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Trading</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Symbol(s)</div>
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    <td style="width: 1%; vertical-align: bottom;">&#160;</td>

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    <td style="width: 1%; vertical-align: bottom;">&#160;</td>

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    <td style="width: 1%; vertical-align: bottom;">&#160;</td>

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    <div>
      <div><br />
      </div>

    </div>

    <div>
      <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17&#160;CFR &#167;230.405) or Rule
        12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2).</div>

    </div>

    <div>
      <div><br />
      </div>

      <div style="text-align: right; margin-top: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Emerging growth company&#160; <ix:nonNumeric name="dei:EntityEmergingGrowthCompany" id="Fact_a9a6a9cac9764c52bc18d4a6328f1daf" contextRef="c20210311to20210311" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric></div>

    </div>

    <div>
      <div><br />
      </div>

      <div style="text-align: left; margin-top: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
        complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a) of the Exchange Act.&#160;&#160;<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</span></div>

    </div>

    <div><br />
    </div>

    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="page-break-after:always;">
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    <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">Item 2.02</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">Results of Operations and Financial Condition.</div>
          </td>

  </tr>


</table>
    <div><br />
    </div>

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    <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">Item 7.01</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">Regulation FD Disclosure.</div>
          </td>

  </tr>


</table>
    <div><br />
    </div>

    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">The registrant hereby furnishes the information set forth in its press release issued on March 11, 2021, a copy of which is attached
      hereto as Exhibit 99.1 and incorporated herein by reference.</div>

    <div><br />
    </div>

    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">The information, including the exhibit, the registrant furnishes in this report is not deemed &#8220;filed&#8221; for purposes of section 18 of the
      Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.&#160; Registration statements or other documents filed with the U.S. Securities and Exchange Commission shall not incorporate this information by
      reference, except as otherwise expressly stated in such filing.</div>

    <div><br />
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              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">Item No.</div>
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              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">Exhibit Index</div>
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            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">99.1</div>
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    <td style="width: 71.62%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><a href="exh991.htm">Press release dated March 11,
                2021 issued by the registrant</a>.</div>
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">SIGNATURE</div>

    <div><br />
    </div>

    <div><br />
    </div>

    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
      behalf by the undersigned hereunto duly authorized.</div>

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            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-variant: small-caps; font-weight: bold;">Valhi, Inc.</div>
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            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">(Registrant)</div>
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    <td style="width: 50%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="text-align: justify;"><span style="font-size: 12pt; font-family: 'Times New Roman', Times, serif;">By:</span><span style="display: inline-block; text-indent: 0px; font-size: 1px; width: 26.1pt">&#160;</span><span style="font-family: 'Times New Roman', Times, serif; font-size: 12pt;">/s/ James W. Brown</span></div>
          </td>

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    <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Date:&#160; March 11, 2021</div>
          </td>

    <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; margin-left: 26.1pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-style: italic;">James W. Brown,</div>
            <div style="text-align: justify; margin-left: 26.1pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-style: italic;">Executive Vice President and</div>
            <div style="text-align: justify; text-indent: 26.1pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-style: italic;">&#160;Chief Financial Officer&#160;</div>
          </td>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh991.htm
<DESCRIPTION>VALHI REPORTS FOURTH QUARTER 2020 RESULTS DATED MARCH 11, 2021
<TEXT>
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="VALHIREPORTSFOURTHQUARTER"><!--Anchor--></a>VALHI RE<!--Anchor-->PORTS FOURTH QUARTER 2020 RESULTS</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">DALLAS, TEXAS . . March 11, 2021.&#160; Valhi, Inc. (NYSE: VHI) reported net income from continuing operations attributable to Valhi
      stockholders of $20.2 million, or $.71 per diluted share, in the fourth quarter of 2020 compared to net income from continuing operations of $10.8 million, or $.38 per diluted share, in the fourth quarter of 2019. For the full year of 2020, Valhi
      reported net income from continuing operations attributable to Valhi stockholders of $50.9 million, or $1.79 per diluted share compared to net income from continuing operations of $49.2 million, or $1.73 per diluted share for the full year of 2019.&#160;
      Net income from continuing operations attributable to Valhi stockholders increased in the fourth quarter of 2020 as compared to the fourth quarter of 2019 primarily due to higher operating results from our Real Estate Management and Development
      Segment.&#160; Net income from continuing operations attributable to Valhi stockholders increased for the full year of 2020 due to the net effects higher operating results from our Real Estate Management and Development Segment in 2020 and a litigation
      settlement charge in 2019 offset by lower operating results from our Chemicals Segment and our Component Products Segment in 2020.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Chemicals Segment&#8217;s net sales were $414.9 million for the fourth quarter of 2020 compared to $372.7 million in the
      fourth quarter of 2019 and $1.6 billion for the full year of 2020 compared to $1.7 billion for the full year&#160; of 2019. The Chemicals Segment&#8217;s net sales increased in the fourth quarter of 2020 compared to the same period in 2019 primarily due to
      higher sales volumes partially offset by lower average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> selling prices. Net sales decreased in the full year of 2020 compared to the full year of 2019 primarily due to lower sales volumes and lower average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> selling
      prices.&#160; TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2 </sub>sales volumes were 12% higher in the fourth quarter of 2020 as compared to the fourth quarter of 2019 primarily due to higher demand in European and North American markets and were 6% lower in the full year of 2020 compared
      to the full year of 2019 due to lower sales volumes in all major markets, primarily resulting from demand contraction related to the COVID-19 pandemic. The Chemicals Segment&#8217;s average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> selling prices were 3% lower in the fourth quarter
      and 2% lower in the full year of 2020 as compared to the same periods in 2019.&#160; The Chemicals Segment&#8217;s average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> selling prices at the end of 2020 were comparable to average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> selling prices at the end of the third
      quarter of 2020 and 3% lower than the beginning of the year. TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> selling prices will increase or decrease generally as a result of competitive market pressures, changes in the relative level of supply and demand as well as changes in raw
      material and other manufacturing costs. Fluctuations in currency exchange rates (primarily the euro) also affected net sales comparisons, increasing our Chemicals Segment&#8217;s net sales by approximately $13 million in the fourth quarter of 2020 and
      increasing net sales by approximately $9 million for the full year of 2020 as compared to the same periods in 2019.&#160; The table at the end of this press release shows how each of these items impacted net sales.</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Chemicals Segment&#8217;s operating income in the fourth quarter of 2020 was $22.2 million as compared to $20.5 million in the fourth
      quarter of 2019. The Chemicals Segment&#8217;s operating income increased in the fourth quarter of 2020 primarily due to the effects of higher sales volumes and lower production costs partially offset by lower average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> selling prices.&#160;&#160; The
      Chemicals Segment&#8217;s operating income for the full year of 2020 was $126.5 million compared to $160.1 million in the full year of 2019.&#160; The Chemicals Segment&#8217;s operating income decreased in 2020 primarily due to the unfavorable effects of lower sales
      volumes, lower average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> selling prices and higher raw materials and other production costs.&#160; The Chemicals Segment&#8217;s TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> production volumes were 8% lower in the fourth quarter and 5% lower in the full year of 2020 as
      compared to same periods of 2019.&#160; The Chemicals Segment&#8217;s production facilities operated at overall average capacity utilization rates of 92% in the full year of 2020 (95%, 96%,&#160; 86% and 92% in the first, second, third and fourth quarters of 2020)
      compared to 98% in 2019 (97% in the first, second and third quarters and at full practical capacity in the fourth quarter of 2019). Early in the third quarter of 2020, the Chemicals Segment decreased production levels to correspond with a temporary
      decline in market demand, then increased production levels later in the third quarter and into the fourth quarter to align with improved demand and market expectations for the near term.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font>Fluctuations in currency exchange rates also affected operating income comparisons, increasing operating income by approximately $6 million in the full year of 2020 as compared to the full year of 2019,<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font>while fluctuations in currency exchange rates had only a nominal effect on the fourth quarter operating income comparison.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 1 of 7</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Component Products Segment&#8217;s net sales were $30.0 million for the fourth quarter of 2020 compared to $29.6 million
      in the fourth quarter of 2019 and $114.5 million for the full year of 2020 compared to $124.2 million for the full year of 2019.&#160; Net sales increased in the fourth quarter of 2020 compared to the same period in 2019 as lower sales of security
      products were more than offset by increased sales of marine components, with the towboat market representing most of the increase in marine sales.&#160; Net sales decreased for the full year of 2020 compared to the full year of 2019 due to lower sales of
      security products primarily resulting from reduced demand as certain markets were slower to recover from the COVID-19 pandemic, somewhat offset by higher sales of marine components. Operating income attributable to the Component Products Segment was<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> $2.3 million </font>for the fourth quarter of 2020 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">compared to $3.5 million for the fourth
        quarter of 2019 and $11.8 million </font>for the full year of 2020 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">compared to $17.8 million for the full year of 2019.&#160; </font>The Component Products Segment&#8217;s
      operating income for the fourth quarter and the full year of 2020 compared to the same periods in 2019 was negatively impacted by higher fixed cost per unit of production as the result of lower production volumes in the second and third quarters
      which increased the cost of inventory produced in these quarters and sold in the second half of 2020. Additionally, operating income for the full year of 2020 compared to prior year was negatively impacted by increased medical costs. In the second
      half of 2020, the Component Products Segment&#8217;s sales began to recover from the historically low levels experienced during the second quarter, with sales steadily improving for the remainder of the year. In the second half of the year, manufacturing
      operations returned to more normal production rates as demand from customers began to return, although security products operations did not recover to pre-pandemic levels.</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Real Estate Management and Development Segment had sales of $71.9 million in the fourth quarter of 2020, including $70.2 million in
      revenue on sales of land held for development, compared to sales of $11.8 million in the fourth quarter of 2019, including $9.2 million in sales of land held for development. For the full year of 2020 the Real Estate Management and Development
      Segment had sales of $96.4 million, including $87.0 million in revenue on sales of land held for development, compared to sales of $42.1 million, including $33.5 million in sales of land held for development in the full year of 2019. During the
      fourth quarter of 2020 our Real Estate Management and Development Segment closed on a single parcel for proceeds of approximately $55 million. The contract for this parcel contained no post-closing obligations therefore we recognized the full $55
      million in revenue in 2020. Excluding the fourth quarter 2020 land sale, land sales revenues declined slightly in 2020 as compared to 2019 primarily due to lower land development spending. Land sales revenue is generally recognized over time based on
      cost inputs, and land sales revenues are dependent on spending for development activities as we balance development requirements with home builder output during the year. As a result of the COVID-19 pandemic, in the second quarter of 2020 we reduced
      infrastructure development spending to only those expenditures necessary to fulfill our contractual obligations and we returned to more normalized infrastructure development spending late in the year.&#160; The Real Estate Management and Development
      Segment had operating income in the fourth quarter of 2020 of $22.4 million compared to operating income of $1.0 million in the fourth quarter of 2019 and operating income of $47.8 million for the full year of 2020 compared to $14.8 million for the
      same period of 2019.&#160; Operating income in the full year of 2020 includes income related to the recognition of tax increment reimbursement note receivables of $19.1 million ($9.9 million, or $.35 per diluted share, net of income taxes and
      noncontrolling interest) compared to $8.8 million ($4.6 million, or $.16 per diluted share, net of income taxes and noncontrolling interest) of such income recognized in 2019.&#160; Operating income in 2020 also includes $4.0 million ($2.0 million, or
      $.07 per diluted share, net of income taxes and noncontrolling interest) of income related to proceeds BMI received associated with a prior land sale.</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Corporate expenses were 12% lower in the fourth quarter and 9% lower for the full year of 2020 as compared to the same periods in 2019
      primarily due to lower litigation and related costs. The full year of 2019 includes a litigation settlement charge of $19.3 million mostly recognized in the second quarter ($12.6 million, or $.44 per diluted share, net of income taxes and
      noncontrolling interest) for a settlement agreement at NL that was approved by the court in July 2019.&#160; Insurance recoveries aggregated $7.7 million ($4.5 million, or $.16 per diluted share, net of income taxes and noncontrolling interest) in the
      full year of 2019 and substantially all of the insurance recoveries we recognized in 2019 relate to a settlement NL reached with a single insurance carrier that agreed to reimburse NL for a portion of its past and future litigation defense costs.&#160; In
      the first quarter of 2020, Kronos recognized a $1.5 million insurance settlement gain ($.8 million, or $.03 per diluted share, net of income taxes and noncontrolling interest) related to a property damage claim.&#160; In the third quarter of 2019, NL
      recognized a $4.4 million gain ($2.9 million, or $.10 per diluted share, net of income taxes and noncontrolling interest) related to the sale of excess property. Income from discontinued operations in the fourth quarter and full year of 2020 was $4.3
      million, or $.15 per diluted share, and relates to proceeds received in the fourth quarter of 2020 in final settlement of an earn-out provision related to the 2018 sale of our former Waste Management Segment.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 2 of 7</font></div>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Our results of operations for the full year of 2020 were significantly impacted by the COVID-19 pandemic, primarily in the second and
      third quarters. The extent of the impact of the COVID-19 pandemic on our future operations will depend on the time period and degree to which the COVID-19 pandemic persists in the global economy, including the timing and extent to which our
      customers&#8217; operations continue to be impacted, our customers&#8217; perception as to when consumer demand for their products will return to pre-pandemic levels and on any future disruptions in our&#160; operations or our suppliers&#8217; operations, all of which are
      difficult to predict.</div>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The statements in this press release relating to matters that are not historical facts are forward-looking statements that represent
      management's beliefs and assumptions based on currently available information.&#160; Although we believe the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurances that these expectations will be correct.&#160;
      Such statements by their nature involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those predicted. While it is not possible to identify all factors, we
      continue to face many risks and uncertainties.&#160; Among the factors that could cause our actual future results to differ materially include, but are not limited to, the following:</div>
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                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
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                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Future supply and demand for our products;</div>
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                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
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                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The extent of the dependence of certain of our businesses on certain market sectors;</div>
              </td>
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              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
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                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The cyclicality of certain of our businesses (such as Kronos&#8217; TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> operations);</div>
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      <div>
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              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Customer and producer inventory levels;</div>
              </td>
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        </table>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Unexpected or earlier-than-expected industry capacity expansion (such as the TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> industry);</div>
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      <div>
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      <div>
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                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <td style="width: auto; vertical-align: top;">
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      <div>
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              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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                  costs, reduce demand or perceived demand for TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2, </sub>component products and land held for sale or impair our ability to operate our facilities (including changes in the level of gross domestic product in various regions of the
                  world, natural disasters, terrorist acts, global conflicts and public health crises such as COVID-19);</div>
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      <div>
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                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Competitive products and substitute products;</div>
              </td>
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        </table>
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      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zef3bce89c6724c38a2ec3f05341a9e2e">

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              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Customer and competitor strategies;</div>
              </td>
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        </table>
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      <div>
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                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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      <div>
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                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Potential difficulties in upgrading or implementing accounting and manufacturing software systems;</div>
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        </table>
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      <div>
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                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Potential consolidation of our competitors;</div>
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      <div>
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              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Potential consolidation of our customers;</div>
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      <div>
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              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The impact of pricing and production decisions;</div>
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      <div>
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              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Competitive technology positions;</div>
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      <div>
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            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Our ability to protect or defend intellectual property rights;</div>
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      <div>
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              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The introduction of trade barriers or trade disputes;</div>
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      <div>
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            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The ability of our subsidiaries to pay us dividends;</div>
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      <div>
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            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The impact of current or future government regulations (including employee healthcare benefit related regulations);</div>
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        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdc98011f30ba4d1ea86ef31a94ec9c8c">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Uncertainties associated with new product development and the development of new product features;</div>
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      <div style="margin-top: 6pt;"><br>
      </div>
      <div>
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                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Fluctuations in currency exchange rates (such as changes in the exchange rate between the U.S. dollar and each of the euro,
                  the Norwegian krone and the Canadian dollar) or possible disruptions to our business resulting from uncertainties associated with the euro or other currencies;</div>
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                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Operating interruptions (including, but not limited to, labor disputes, leaks, natural disasters, fires, explosions,
                  unscheduled or unplanned downtime, transportation interruptions, cyber-attacks and public health crises such as COVID-19);</div>
              </td>
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            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Decisions to sell operating assets other than in the ordinary course of business;</div>
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        </table>
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      <div>
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            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The timing and amounts of insurance recoveries;</div>
              </td>
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        </table>
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      <div>
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            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Our ability to renew, amend, refinance or establish credit facilities;</div>
              </td>
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      <div>
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            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Our ability to maintain sufficient liquidity;</div>
              </td>
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      <div>
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            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The ultimate outcome of income tax audits, tax settlement initiatives or other tax matters, including future tax reform;</div>
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        </table>
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      <div>
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            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Our ability to utilize income tax attributes, the benefits of which may or may not have been recognized under the
                  more-likely-than-not recognition criteria;</div>
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      <div>
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            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Environmental matters (such as those requiring compliance with emission and discharge standards for existing and new
                  facilities, or new developments regarding environmental remediation at sites related to our former operations);</div>
              </td>
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        </table>
      </div>
      <div>
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            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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                <div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Government laws and regulations and possible changes therein (such as changes in government regulations which might impose
                  various obligations on former manufacturers of lead pigment and lead-based paint, including NL, with respect to asserted health concerns associated with the use of such products) including new environmental health and safety regulations
                  such as those seeking to limit or classify TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2 </sub>or its use;</div>
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        </table>
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  <div>Should one or more of these risks materialize (or the consequences of such development worsen), or should the underlying assumptions prove incorrect, actual results could differ materially from those currently forecasted or expected.&#160; We disclaim
    any intention or obligation to update or revise any forward-looking statement whether as a result of changes in information, future events or otherwise.
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Valhi, Inc. is engaged in the titanium dioxide pigments, component products (security products and high performance marine components)
      and real estate management and development industries.</div>
    <div><br>
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">* * * * *</div>
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            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
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            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
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            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
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            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
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            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
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            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 1.28%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div>
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            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
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            <td style="width: 1.43%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div>
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            <td style="width: 8.31%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
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          <tr>
            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
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            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;20.5</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div>
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            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;22.2</div>
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
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            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;160.1</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div>
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            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;126.5</div>
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          <tr>
            <td style="width: 55.96%; vertical-align: top;">
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">
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            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;17.8</div>
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            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;11.8</div>
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            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1.0</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;22.4</div>
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;14.8</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;47.8</div>
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          <tr>
            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;25.0</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;46.9</div>
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;192.7</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;186.1</div>
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          <tr>
            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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          <tr>
            <td style="width: 55.96%; vertical-align: top;">
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2.3</div>
            </td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1.2</div>
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;11.2</div>
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            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2.6</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7.7</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">
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            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
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          <tr>
            <td style="width: 55.96%; vertical-align: top;">
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">
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            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">
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            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">
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            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
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            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
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            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
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          <tr>
            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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          <tr>
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            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
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            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
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            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
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            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
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            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
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            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
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            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
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            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3.6</div>
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            <td style="width: 1.28%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;11.4</div>
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;29.0</div>
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            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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          <tr>
            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net income attributable to Valhi stockholders</div>
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              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
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              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;10.8</div>
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            <td style="width: 1.28%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div>
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              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;24.5</div>
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            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
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              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;49.2</div>
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              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div>
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              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;55.2</div>
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            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">VALHI, INC. AND SUBSIDIARIES</div>
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td colspan="7" style="width: 23.23%; vertical-align: top;">
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          <tr>
            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td colspan="4" style="width: 19.19%; vertical-align: top; border-bottom: #000000 2px solid;">
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td colspan="4" style="width: 19.36%; vertical-align: top; border-bottom: #000000 2px solid;">
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          <tr>
            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: #000000 2px solid;">
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            </td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2020</div>
            </td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2019</div>
            </td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2020</div>
            </td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td colspan="5" style="width: 20.64%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">(unaudited)</div>
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            <td colspan="6" style="width: 21.95%; vertical-align: top;">&#160;</td>
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          <tr>
            <td colspan="2" style="width: 57.41%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Income from continuing operations</div>
            </td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;10.8</div>
            </td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;20.2</div>
            </td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
            </td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;49.2</div>
            </td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;50.9</div>
            </td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top;">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Income from discontinued operations</div>
            </td>
            <td style="width: 1.45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
            </td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4.3</div>
            </td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
            </td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4.3</div>
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          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net income attributable to Valhi stockholders</div>
            </td>
            <td style="width: 1.45%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;10.8</div>
            </td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;24.5</div>
            </td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
            </td>
            <td style="width: 8.33%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;49.2</div>
            </td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;55.2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Basic and diluted net income per share</div>
            </td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top;">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Income from continuing operations</div>
            </td>
            <td style="width: 1.45%; vertical-align: top;">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.38</div>
            </td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.71</div>
            </td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
            </td>
            <td style="width: 8.33%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;1.73</div>
            </td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;1.79</div>
            </td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Income from discontinued operations</div>
            </td>
            <td style="width: 1.45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
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            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
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            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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            <td style="width: 3.78%; vertical-align: top;">&#160;</td>
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            <td style="width: 9.16%; vertical-align: top;">&#160;</td>
            <td style="width: 3.78%; vertical-align: top;">&#160;</td>
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            <td style="width: 12.36%; vertical-align: top;">&#160;</td>
            <td style="width: 6.26%; vertical-align: top;">&#160;</td>
            <td style="width: 9.16%; vertical-align: top;">&#160;</td>
            <td style="width: 3.78%; vertical-align: top;">&#160;</td>
            <td style="width: 9.3%; vertical-align: top;">&#160;</td>
            <td style="width: 9.31%; vertical-align: top;">&#160;</td>
            <td style="width: 9.3%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 40.53%; vertical-align: top;">&#160;</td>
            <td style="width: 12.36%; vertical-align: top;">&#160;</td>
            <td style="width: 6.26%; vertical-align: top;">&#160;</td>
            <td style="width: 9.16%; vertical-align: top;">&#160;</td>
            <td style="width: 3.78%; vertical-align: top;">&#160;</td>
            <td style="width: 9.3%; vertical-align: top;">&#160;</td>
            <td style="width: 9.31%; vertical-align: top;">&#160;</td>
            <td style="width: 9.3%; vertical-align: top;">&#160;</td>
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            <td style="width: 6.26%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 9.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 3.78%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 9.3%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 9.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td style="width: 3.78%; vertical-align: top;">&#160;</td>
            <td style="width: 9.3%; vertical-align: top;">&#160;</td>
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            <td style="width: 3.78%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 9.3%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1</div>
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          <tr>
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            <td style="width: 12.36%; vertical-align: top;">&#160;</td>
            <td style="width: 6.26%; vertical-align: top;">&#160;</td>
            <td style="width: 9.16%; vertical-align: top;">&#160;</td>
            <td style="width: 3.78%; vertical-align: top;">&#160;</td>
            <td style="width: 9.3%; vertical-align: top;">&#160;</td>
            <td style="width: 9.31%; vertical-align: top;">&#160;</td>
            <td style="width: 9.3%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 40.53%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total</div>
            </td>
            <td style="width: 12.36%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 6.26%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">11</div>
            </td>
            <td style="width: 9.16%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">%</div>
            </td>
            <td style="width: 3.78%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 9.3%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 9.31%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(5)</div>
            </td>
            <td style="width: 9.3%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">%</div>
            </td>
          </tr>

      </table>
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  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 7 of 7</font></div>
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<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>3
<FILENAME>vhi-20210311.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
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<XBRL>
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  <xs:import namespace="http://fasb.org/srt/2019-01-31" schemaLocation="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd" />
  <xs:import namespace="http://fasb.org/srt-types/2019-01-31" schemaLocation="http://xbrl.fasb.org/srt/2019/elts/srt-types-2019-01-31.xsd" />
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>4
<FILENAME>vhi-20210311_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--Generated by EDGARfilings PROfile 7.0.0.0 Broadridge-->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance">
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    <link:label xlink:type="resource" xlink:label="dei_CoverAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_CoverAbstract_lbl" xml:lang="en-US" id="dei_CoverAbstract_lbl">Cover [Abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="EntityAddressAddressLine1" xlink:title="EntityAddressAddressLine1" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine2" xlink:label="EntityAddressAddressLine2" xlink:title="EntityAddressAddressLine2" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine2_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US" id="dei_EntityAddressAddressLine2_lbl">Entity Address, Address Line Two</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine3" xlink:label="EntityAddressAddressLine3" xlink:title="EntityAddressAddressLine3" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine3_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US" id="dei_EntityAddressAddressLine3_lbl">Entity Address, Address Line Three</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:title="label: EntityAddressAddressLine3 to dei_EntityAddressAddressLine3_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentFlag" xlink:label="AmendmentFlag" xlink:title="AmendmentFlag" />
    <link:label xlink:type="resource" xlink:label="dei_AmendmentFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_AmendmentFlag_lbl" xml:lang="en-US" id="dei_AmendmentFlag_lbl">Amendment Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:title="label: AmendmentFlag to dei_AmendmentFlag_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CityAreaCode" xlink:label="CityAreaCode" xlink:title="CityAreaCode" />
    <link:label xlink:type="resource" xlink:label="dei_CityAreaCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_CityAreaCode_lbl" xml:lang="en-US" id="dei_CityAreaCode_lbl">City Area Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:title="label: CityAreaCode to dei_CityAreaCode_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="EntityAddressCityOrTown" xlink:title="EntityAddressCityOrTown" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US" id="dei_EntityAddressCityOrTown_lbl">Entity Address, City or Town</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCountry" xlink:label="EntityAddressCountry" xlink:title="EntityAddressCountry" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate" xlink:title="DocumentPeriodEndDate" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="EntityIncorporationStateCountryCode" xlink:title="EntityIncorporationStateCountryCode" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="EntityAddressPostalZipCode" xlink:title="EntityAddressPostalZipCode" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:label="Security12bTitle" xlink:title="Security12bTitle" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_NoTradingSymbolFlag" xlink:label="NoTradingSymbolFlag" xlink:title="NoTradingSymbolFlag" />
    <link:label xlink:type="resource" xlink:label="dei_NoTradingSymbolFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US" id="dei_NoTradingSymbolFlag_lbl">No Trading Symbol Flag</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_TradingSymbol" xlink:label="TradingSymbol" xlink:title="TradingSymbol" />
    <link:label xlink:type="resource" xlink:label="dei_TradingSymbol_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_TradingSymbol_lbl" xml:lang="en-US" id="dei_TradingSymbol_lbl">Trading Symbol</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityExchangeName" xlink:label="SecurityExchangeName" xlink:title="SecurityExchangeName" />
    <link:label xlink:type="resource" xlink:label="dei_SecurityExchangeName_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_SecurityExchangeName_lbl" xml:lang="en-US" id="dei_SecurityExchangeName_lbl">Security Exchange Name</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="dei_EntityRegistrantName_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityRegistrantName_lbl" xml:lang="en-US" id="dei_EntityRegistrantName_lbl">Entity Registrant Name</link:label>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>vhi-20210311_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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    <context id="c20210311to20210311">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000059255</identifier>
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        <period>
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            <endDate>2021-03-11</endDate>
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      contextRef="c20210311to20210311"
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      contextRef="c20210311to20210311"
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      id="Fact_9cc7b733ab894d0c8854ae99ee87b797">Common stock</dei:Security12bTitle>
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      contextRef="c20210311to20210311"
      id="Fact_1008d02739fd476bb32c23a7a715276c">VHI</dei:TradingSymbol>
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      contextRef="c20210311to20210311"
      id="Fact_0287b7a73e234ed79423d81edb5afbc8">NYSE</dei:SecurityExchangeName>
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      id="Fact_a9a6a9cac9764c52bc18d4a6328f1daf">false</dei:EntityEmergingGrowthCompany>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140489184759560">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Mar. 11, 2021</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Mar. 11,  2021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Valhi, Inc.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-5467<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">87-0110150<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">5430 LBJ Freeway<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 1700<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Dallas<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">TX<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">75240-2620<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">972<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">233-1700<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000059255<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common stock<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">VHI<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
